Study and practice Accounting past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
Eko Local Government expenditure
Hospital building ---------------------- N200,000
Drugs ---------------------------------- N180,000
Hospital beds and mattresses ------------ N40,000
Doctors' and nurses' salaries ---------- N120,000
Administrative expenses ----------------- N50,000
Capital expenditure is
AN420,000
BN380,000
CN240,000
DN200,000
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Question 32
jamb1995
Which of the following are sources of revenue to state government in Nigeria?
I Statutory allocation
II Fines from customary courts
III Petroleum tax
IV Income tax
IV
AI and II only
BII and III
CI and IV
DIII and IV
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Question 33
jamb1995
Which of the following statement is correct about the head office current account and the branch current account?
ABoth always have debit balances
Bboth always have credit balances
Cthe head office current account has a credit balance while the branch current account has a debit balance
Dthe head office current account has a debit balance while the branch current account has a credit balance
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Question 34
jamb1995
The Asa branch of Emene company Ltd, made a sales of N549,000 from the goods sent from the head office during the period ended 31/12/94. These sales were based on a 22% mark up. If branch expenses were N34,400 and there were no discrepancies, what should be the profit of the branch for the period?
AN6,500
BN64,600
CN85,380
DN514,600
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Question 35
jamb1995
Departmental accounts re maintained to ascertain the
Aprofits of the entire organization
Bcontribution of each department
Cexpenses of each department
Dsales of each department
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Question 36
jamb1995
The measure of a company's ability to pays its debts quickly is called
ACurrent ratio
Bturnover ratio
Cacid test ratio
Dreturn of investment
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Question 37
jamb1995
A total of 400,000 shares of N1 each are to be issued by Sariki company Ltd at a price of N1.20 per share. Application were received for 600,000 shares out of which 100,000 were dishonored. If the available share were distributed pro-rata, what refund will be due a subscriber who applied for 5,000 shares?
AN1,000
BN1,200
CN4,800
DN6,000
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Question 38
jamb1995
Which of the following ratios gives an idea of the liquidity of a firm?
ATurnover ratio
BQuick ratio
CDebit ratio
DDividend yield
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Question 39
jamb1995
The conversion of a partners business into a limited liability company affords the
Ageneral partners the chance of enjoying the limited laibility protection
Blimited liability partners the chance of enjoying the limited liability protecction
CCreditors the chance of enjoying the limited liabiity protection
Ddebtors the chance of enjoying the limited liability protection
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Question 40
jamb1995
Halidu and Hamed are business partners with N30,000 and N20,000 capital respectively. At the end of the financial year, a profit of N12,000, which included Halidu's salary of N3,000 was made.
Hamed's share of the profit should be
Acredited to partners' capital account
Bcredited to partners' current account
Ccredited to appropriation account
Ddebited to partners' drawing account
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Question 41
jamb1995
Halidu and Hamed are business partners with N30,000 and N20,000 capital respectively. At the end of the financial year, a profit of N12,000, which included Halidu's salary of N3,000 was made.
Halidu's share of the profit is
AN7,500
BN6,000
CN5,400
DN4,500
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Question 42
jamb1995
A partnership on admitting a new member, revalued the business' land and building from N30,000 to N70,00. The difference of N40,000 should be
Acredited to land and building account
Bdebited to asset revaluation account
Ccredited to asset revaluation account
Dcredited to profit and loss appropriation account
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Question 43
jamb1995
Interest on a partner's drawings is debited to the
APartners current account and credited to the profit and loss appropriation account
Bprofit and loss appropriation account and credited to the partner's current account
Cprofit and loss account and credited to the partner's current account
DPartner's current account and credited to the profit and loss account
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Question 44
jamb1995
Which of the following is a strong feature of partnership?
AThe life of the partnership is generally assumed to be indefinite
BThe owners are liable personally for all debts of the business
CThe transfer of ownership interest is frequent and easy to accomplish
DThe partnership is complex to form because of many legal and reporting requirements
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Question 45
jamb1995
A member of a club paid N1,000 as is subscription for 1993 and N1,200 as subscription for 1992. If the financial year of the society ended on 31st December 1993, the N1,200 subscription will be treated in the balance sheet as
Acurrent asset
Bcurrent liability
Ccapital
Dprofit
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Question 46
jamb1995
Where a non-profit making organization prepares the account using accruals basis of reporting, the statement showing how well the organization is doing is the
Aappropriation account
Bbalance sheet
Cincome and expenditure account
Dreceipts and payment account
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Question 47
jamb1995
Subscription in arrears are
ACredited to the income and expenditure account and shown as a liability in the balance sheet
Bdebited to the income and expenditure account and shown as an asset in the balance sheet
Ccredited to the income and expenditure account and shown as a liability in the balance sheet
Ddebited to the income and expenditure account and shown as a liability in the balance sheet
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Question 48
jamb1995
The following information is provided for amusa company limited , a manufacturer
Prime cost N999,000
Manufacturing overhead N132,000
Closing work in progress N75,000
values of finished goods transferred to the
trading account N1,116,000
If including in the manufacturing overhead were rents of N5,000 paid in advance, what is the opening work in progress for the period?
AN85,000
BN80,000
CN70,000
DN65,000
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Question 49
jamb1995
The factory cost of producing goods is made up of
Aprime cost and factory overhead
Bprime cost and office overhead
Craw materials consumed and fixed cost
DRaw materials and administrative overhead
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Question 50
jamb1995
Given:
Prime cost N220,000
Factory cost N32,000
work in progress at beginning N25,000
work in progress at close N19,000
Administrative expenses N21,000
Determine the production cost
